So what exactly is meant when you decide to consolidate your student loan programs? Well, what happens is that you (the student) will have a difficult time paying back all these loans because there are just too many of them, without a bit of financial restructuring, shall we say!

This is where student loan consolidation lenders come in. When you consolidate, you put together the variety of student loans you have accumulated during your college years, into just one loan only.

Although you might find that the rate can rise, you will only have one loan to think about, which is easier to manage - and student loan consolidation rates are actually not that high. So the whole thing becomes much more manageable

Basically if you have a number of loans, you also have to deal with several lenders too. So when you consolidate, you will find one lender willing to resolve the whole consolidation process for you, by loaning you an amount to pay off those other lenders so that you only have to pay to your new lender. Much neater!

Student loan debt consolidation is more or less similar to mortgage refinancing. Federal loans are some of the loans you can consolidate, with their own consolidation programs such as FFELP (SLS, PLUS, and Stafford), Health Professional Student Loans, FISL, NSL, Perkins, Direct Loans, Guaranteed Student Loans, and HEAL.

There are also several lenders out there who offer private student loan consolidation.

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